WPM
Wheaton Precious Metals Corp.
WPM's fundamentals are strong and it looks cheap: trading at 29x earnings, below its usual 40x. Analysts expect earnings growth.
WPM Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Weak | |
| Healthy |
WPM's revenue, profitability and balance sheet are currently healthy, but its cash flow is weak.
WPM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 27x | $132 | — |
| Cheap | 28x | $128 | -2.5% |
| Current | 29x | $132 | — |
| Fair | 40x | $180 | +37% |
| Expensive | 64x | $289 | +119% |
Historical ranges are pointers, not guarantees.
WPM's PE is in its cheap range at 29x. If earnings grow as analysts expect, today's price would be 27x next year's earnings.
WPM Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Strong growth | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for WPM, but weaker profitability.
WPM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.96 | +10% |
| Q2 2026 | $4.51 | +161% |
| Q1 2026 | $3.96 | +191% |
| Q4 2025 | $3.26 | +181% |
| Q3 2025 | $2.20 | +63% |
| Q2 2025 | $1.73 | +37% |
| Q1 2025 | $1.36 | +3.8% |
| Q4 2024 | $1.16 | -3.3% |
| Q3 2024 | $1.35 | +13% |
WPM earned $4.51 per share over the past year, up 161% from the year before.
WPM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $929.2M | +85% |
| Q1 2026 | $889M | +89% |
| Q4 2025 | $878M | +131% |
| Q3 2025 | $476.3M | +55% |
| Q2 2025 | $503.2M | +68% |
| Q1 2025 | $470.4M | +58% |
| Q4 2024 | $380.5M | +21% |
| Q3 2024 | $308.3M | +38% |
WPM's revenue has grown year over year for 12 quarters in a row: $929M last quarter, up 85% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 72% | +6.3 points |
| Q1 2026 | 75% | +13 points |
| Q4 2025 | 75% | +44 points |
| Q3 2025 | 66% | +9.2 points |
| Q2 2025 | 66% | +9 points |
| Q1 2025 | 62% | +8.5 points |
| Q4 2024 | 31% | -20 points |
| Q3 2024 | 57% | +6.8 points |
WPM's operating margin was 72% last quarter, up 6.3 points from the same quarter a year ago.
WPM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$3.9B | -5848% |
| Q1 2026 | $691.9M | +161% |
| Q4 2025 | $100.9M | -50% |
| Q3 2025 | $132.3M | -41% |
| Q2 2025 | $67M | -64% |
| Q1 2025 | $265.1M | +$508.5M |
| Q4 2024 | $200.5M | +$418.6M |
| Q3 2024 | $223.5M | +192% |
WPM's free cash flow has turned negative after years in the green: −$2.9B over the past year.
WPM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +36K shares |
| 1 year | +0.1% | +328K shares |
| 3 years | +0.3% | +1.4M shares |
| 5 years | +0.8% | +3.8M shares |
| Available history | +1.6% | +7.1M shares |
WPM has 455M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
WPM hasn't bought back shares in the past year.
WPM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.7x | Very low |
| Q1 2026 | -0.9x | Net Cash |
| Q4 2025 | -0.6x | Net Cash |
| Q3 2025 | -0.8x | Net Cash |
| Q2 2025 | -0.8x | Net Cash |
| Q1 2025 | -1.0x | Net Cash |
| Q4 2024 | -0.9x | Net Cash |
| Q3 2024 | -0.7x | Net Cash |
WPM's net debt is less than a year of its operating earnings (EBITDA), after holding more cash than debt a year ago.
WPM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.8 | Neutral |
| Stochastic | 34.8 | Neutral |
WPM's weekly RSI is 50 (neutral) and its Stochastic is 35 (neutral).
WPM PE vs Basic Materials Sector
| Metric | WPM | Sector median | Relative |
|---|---|---|---|
| PE | 29x | 19x | 57% above |
| PE % | 20 | 40 | 20 pts below |
WPM is trading at 29x earnings, a 57% premium to the Basic Materials sector's median of 19x.
WPM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $132.2 | 0.3% below |
| 20 week MA | $132.4 | 0.4% below |
| 50 week MA | $131.8 | 0% above |
| 100 week MA | $108.6 | 21% above |
| 200 week MA | $79.3 | 66% above |
WPM has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 66% above its 200-week average.
WPM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.5 | $42.4 | +44% |
| 2021 | $42.4 | $42.3 | -0.3% |
| 2022 | $42.3 | $40.2 | -5% |
| 2023 | $40.2 | $49.3 | +23% |
| 2024 | $49.3 | $57.1 | +16% |
| 2025 | $57.1 | $124.2 | +118% |
| 2026 YTD | $124.2 | $131.8 | +6.1% |
WPM has finished higher in four of the last six years. It's up 6.1% so far in 2026.